What will Philip Hammond say?

Borrowing is expected to be up to £10bn lower than last year, due to better-than-expected tax revenues.

The outlook for growth is up on predictions three months ago.

The Office for Budget Responsibility (OBR) said in November the economy was due to expand by 1.5 per cent in 2017 and 1.4 per cent this year.

This has now been revised upwards to 1.7 per cent for 2017 and a similar figure for 2018.

Government borrowing is also in a healthier state due to improved tax receipts and Hammond is expected to say the government will not need to borrow to cover its day-to-day spending this year for the first time since the financial crisis.

More money could be funnelled into the NHS in the future which could mean tax rises or a specific tax for health, according to the BBC.

In a break with recent tradition Mr Hammond will not use the Spring statement as a mini-Budget and will not make policy announcements or changes to current fiscal policies.

Hammond is also expected to announce consultations on a single-use plastics tax and a possible tax on the profits of internet giants such as Facebook and Google.

Speaking on the BBC's Andrew Marr Show at the weekend, Mr Hammond warned that he would not relax his grip on public finances despite seeing "light at the end of the tunnel" for the economy after years of austerity.